ECB Aims for Digital Euro Launch by 2025
christine lagarde, President of the European Central Bank (ECB), is pushing for the digital Euro to launch by October 2025. In a recent press conference, lagarde emphasized the importance of this central bank digital currency (CBDC).
She stated, “The digital Euro is critically important and more imperative now than ever.Our target is October 2025, but we need the Commission, Council, and Parliament to complete the legislative process.”
Initially met with resistance from some member countries, the project now has support from key payment providers, banks, and fintech firms. These entities are likely to benefit the most if the project succeeds.
The digital Euro is a type of CBDC that allows instant payments across its network. Unlike cryptocurrencies, it will be under the ECBS direct control and supervision. This ensures compliance with regulations but raises privacy concerns.
UniCredit’s CEO supports the project, arguing that banks should be fully involved. European fintech companies, like MONEI, are also participating in the ECB’s testing. MONEI believes the digital Euro will make payments faster and more secure.
This system will help European fintech companies compete in the digital payments market,where they have been lagging behind U.S.firms. the digital Euro aims to revolutionize payments in Europe, making them more efficient and secure.
